Decentral Block Post

Decentralized exchange aggregator 1inch Network issued a warning to crypto investors after identifying a vulnerability in Profanity, an Ethereum (ETH) vanity address generating tool. Despite the proactive warning, apparently, hackers were able to make away with $3.3 million worth of cryptocurrencies.

On Sept. 15, 1Inch revealed the lack of safety in using Profanity as it used a random 32-bit vector to seed 256-bit private keys. Further investigations pointed out the ambiguity in the creation of vanity addresses, suggesting that Profanity wallets were secretly hacked. The warning came in the form of a tweet, as shown below.

A subsequent investigation by blockchain investigator ZachXBT showed that a successful exploit of the vulnerability allowed hackers to drain $3.3 million in crypto.

Moreover, ZachXBT helped a user save over $1.2 million in crypto and nonfungible tokens (NFTs) after alerting them about the hacker who had access to the user’s wallet. Following the revelation, numerous users confirmed that their funds were safe, as one stated:

“Wtf 6h after the attack my addresses was still vuln but the attacker didnt drained me? had 55k at risk lol”

Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk's SNL appearance are considerable.

Dogecoin loses Musk-effect

The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”

Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.

That's more than 36,000% gains in just two years. But things have gone downhill ever since. 

Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a "hustle."

Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk's SNL appearance are considerable.

Dogecoin loses Musk-effect

The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”

Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.

That's more than 36,000% gains in just two years. But things have gone downhill ever since. 

Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a "hustle."

The Ministry of Science and ICT (MSIT) of South Korea revealed plans to move away from imposing traditional video gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines for incentivizing the growth of the budding ecosystem.

South Korea’s interest in garnering Web3 and the Metaverse ecosystems is evidenced by the $200 million investment it made for the creation of an in-house Metaverse. Running parallel to this effort, the MSIT identified that imposing older regulations serve as a deterrent to the growth of new ecosystems.

In the first meeting of the National Data Policy committee, MSIT noted that “We will not make the mistake of regulating a new service with existing law.” However, discussions around designating the Metaverse as a video game are still on the table.

The ministry decided that new industries — including the Metaverse, autonomous driving and OTT streaming platforms — demand the formation of fresh regulations. In regards to the Metaverse, MSIT raised concerns about hindering industrial growth due to a lack of legal and institutional basis. Revealing the plan, a rough translation of the press release read:

“Establish guidelines for classification of game products and metaverses for rational and consistent regulation and support for enactment of related laws (enactment of special metaverse laws, etc.)”

BNB, the native token of Binance’s BNB Chain, entered a symmetrical triangle formation on Aug. 10, when it first faced the descending trendline at the $335 resistance. The following five weeks have been a struggle around $280, the exact intersection between the two conflicting ascending and descending patterns.

A decision on whether the symmetrical triangle will break to the upside or downside is expected by Sept. 30, when the trendlines cross. Currently holding a $45 billion total market capitalization, BNB Chain token has outperformed the broader altcoin market by 15% over the past three months.

The latest breakthrough in BNB Chain development was announced on Sept. 7, after the project introduced zero-knowledge (ZK) proof scaling privacy technology. The testnet is expected for November, aiming for faster finality and reduced transaction fees. Ethereum mastermind Vitalik Buterin also wants to implement a similar solution for the Ethereum network and he highlighted the importance of ZK in late 2021.

BNB Chain's Ethereum-compatible network is fully functional, hosting decentralized applications (DApps), including decentralized exchanges (DEXs), games, collateralized loan services, social networks, yield aggregators and NFT marketplaces.

A decline in price deposits could be a red flag

Despite currently being 60% below its -time high, BNB remains the third largest cryptocurrency by market capitalization ranking, excluding stablecoins. Moreover, the network holds $6.6 billion worth of deposits locked on smart contracts, a term known as total value locked, in the industry.